A principal amount changes to Rs.1,620 and Rs.1,749.60 in compound interest at the end of the first year and second year respectively. Calculate the principal amount and the rate of interest.
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Answer:
10%
Given that Rs. 9,680 becomes Rs. 10,648 in one year
therefore, Interest = Rs. 10648− Rs. 9,680= Rs, 968
⇒Rate=
P×t
Interest×100
=
9680×1
968×100
=10%
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